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4 Best Whole Life Insurance Plans Singapore 2021 (Updated May 2021)

Here, we analyse and explore the best whole life insurance plans in Singapore 2021.

Yes, you read it, whole life insurance plans are known for their high premiums and can be a bit more complex as compared to a term life insurance. Insurance agents love to peddle whole life insurance as coverage with savings that may be surrendered later in life to supplement your retirement needs.

However, by our standards, we believe you should only consider getting whole life insurance if you want a lifetime coverage but do not wish to commit the premium for life (Limited Payment Term) or to take advantage of the multiplier feature for early-stage critical illness coverage.

We select the 4 Best Whole Life Insurance Plans base on 3 basic criteria:

  • Has a multiplier coverage feature
  • Has a regular but limited payment term feature
  • Able to add early stage critical illness coverage as a rider with 100% pay-out upon diagnosis

Here are our top 4 picks base on the following features

  1. Best whole life with high-income payout  – Manulife Life Ready Plus 
  2. Best whole life insurance with future unknown disease coverage and most flexible premium term – NTUC Star Assure
  3. Best whole life insurance with most flexible multiplier term & Pre malignant tumour coverage– Aviva My WholeLife Plan III
  4. Best whole life insurance with Lifetime multiplier benefit and most comprehensive range of critical illness conditions covered – China Taiping i-Secure  – Withdrawn 1st April 2021

This article is for general information only it is not an advise nor does it take into account the specific investment objectives, financial situation or needs of any particular person. Read our General Disclaimer

Best whole life insurance with high-income payout
Manulife Life Ready Plus
Best Whole Life - Manulife Life Ready

Hailing from Canada, Manulife whole life plan is extremely attractive in the market right now. The Manulife Life Ready Plus has a flexibility multiplier benefit of 1 – 5x with a payment term ranging from 10 years to a lifetime. It has competitive premiums across many age categories and permutations.

Hear this, the premium for a 100,000 Death, Disability and Early Stage Critical Illness coverage for a 30 years-old adult can be as low as $1,200 per annum* for a limited premium payment term of 25 years. You are likely to pay the same for a term policy with the same coverage till age 70.

The new LifeReady Plus new feature allows the insured to convert the cash value from your policy into annual payout, over 10 years, with an additional 5% interest. On top of all these great features, Manulife also currently offers more critical illness condition coverage, on par with HSBC Life @ 125 Critical Illness conditions and 18 Special Conditions. Manulife also allows waiver of premium for up to 6 months if you or your spouse have been retrenched or unemployed for 30 days or more.

Here is why we like Manulife LifeReady Plus
  • Flexible limited premium payment term of 10/15/20/25/99 years
  • Sum Assured starts at $25,000
  • Part of the cash value can be converted to an annual payout with an additional 5% interest over 10 years
  • Enjoy upfront premium discount due to good health for the first 2 years. Continue enjoying the discount if you achieve health target for the remaining premium term
  • Multiplier benefit feature of 1/2/3/4/5 times
  • Early Stage Critical Illness Rider Covers up to 125 Medical Conditions and 18 Special Conditions
  • Free child cover for advanced stage critical illness if you have bought the early critical care rider
  • Retrenchment Benefit If you or your spouse is retrenched and unemployed for 30 days or more, 6 months of your premiums will be waived while coverage continues
What we don’t like
  • It’s hard to find any weakness in this plan now that Manulife has joined in the bandwagon to offer annual cash payout after a certain period. The only downside is that the cash payout will be over a period of 10 years and will eat into the total sum assured effectively reducing the coverage amount.
  • Manulife would have been the best whole life plan if not for the New China Taiping i-Secure Whole Life Plan
  • Manulife also offer multiplier sum assured till age 70 Only
Best whole life insurance with future unknown disease coverage and flexible premium term –
NTUC INCOME STAR ASSURE 

Best whole life insurance Star assure

Our local insurer NTUC Income Star Assure is the only life insurer to offer protection against future unknown disease such as Covid-19.

The NTUC Star Assure is a renamed of the NTUC VivoAssure policy, the plan also provides extra protection in the event of accidental death as well as a 50% advance restoration benefit from the early stage critical illness diagnosis of Stroke, Cancer and Heart Attack. It is also the only insurer with a Hospital cash aid benefit where the insured will receive the sum assured each day he/she stays in the hospital.

Here is why we like NTUC Star Assure
  • Multiplier Factor of 1, 2, 3, 4, 5x
  • Provide coverage against Future Unknown Disease
  • Most Flexible-Premium payment term of 5, 10, 15, 20, 25, 30 or till Age 64
  • Hospital cash aid rider provides up to $400/day daily hospitalisation limit for up to 750 days, 2x for ICU Stay and 10x for Future unknown diseases under Major impact benefit
  • 6 months Premium waiver upon retrenchment
  • Early Care Rider allows a 100% lump sum claim of up to 350,000 (one of the highest in the market)
  • The Early Assure Accelerator rider has an Advanced Restoration Benefit, providing extra protection of 50% Early CI Rider SA for stroke, heart attack and cancer when advance stage dread disease claim is made.
What we don’t like
  • The only way to cash out is to take a policy loan or fully surrender the plan, no monthly income or partial surrender option at the later stage of the plan
  • Early Assure Accelerator rider can only add up to 90% Sum assured of Advance Assure Accelerator.
  • No option for Multiplier Age, only up till age 70
Best whole life insurance with flexible multiplier term & Pre Maglinant Tumour Coverage –
Aviva My WholeLife Plan III 
Best Whole Life Aviva My Whole Life Plan II

Hold your beer! Aviva MyWhole Life Plan III is back with a more competitive package and this time, with a variety of option the allowance on the policyholder to choose a multiplier term till the age of 65, 70, 75. This makes it the most flexible multiplier term benefit in the market.

The new Aviva MyWhole Life Plan III will also allow the client to choose from a wider range of premium payment term, from single premium payment term to 5/10/15/20/25 years option.

Still, being able to provide a cash-out option in the form of a monthly income benefit any time after 65 years old gives Aviva an edge over its competitors.

The new Early Critical illness rider provides pre-malignant tumour coverage as well as 4 days ICU stay payout on 20% of the Early CI basic sum assured. On top of it, it also now provides lump sum payout coverage for up to 132 medical conditions

Here is why we like Aviva My WholeLife Plan III
  • Premium payment term option of Single Premium/5/10/15/20/25 years
  • Option to receive monthly income at a reduced sum assured any time after age 65
  • Pays 20% Early CI Sum assured for Premalignant tumour & 4 days ICU Stay
  • Multiplier benefit of 2x/3x/4x/5x
  • Early-stage critical illness covers 132 medical conditions and 27 special conditions.
  • Premium waiver without any interest for up to a year if you lose your job
  • TPD coverage for a lifetime
What we don’t like
  • Restrictive minimum sum assured of 50,000
  • Multiplier till age 80 no longer applicable in the revised plan
Best whole life insurance with Lifetime Multiplier Benefit and most comprehensive range of critical illness conditions covered –
China Taiping I-Secure 

Withdrawn 1st April 2021

Best whole life insurance singapore

China Taiping has existed since 1929, ever since China Taiping entered the life insurance market in Singapore it has rolled out extremely competitive products. This time, China Taiping is truly going all out. The new Whole Life plan by China Taiping has rocked the market, replacing NTUC VivoAssure’s place in this list, infact this plan brings back the lifetime multiplier feature which was last featured on the now defunct plan Tokio Marine Legacy Lifetime.

Two main features of this plan that truly shackled it’s competitors are, first, the plan offers Multiplier till 71 and 86 (with a default feature to extend the multiplier for a Lifetime deducting cost of insurance from it’s cash value); Second, the product provides an option to add on early critical illness rider that covers 161 Critical illness Conditions, making it the most comprehensive in the industry. May we also add that the premium is extremely competitive. We are quite sure if you take away the relatively new branding of China Taiping Life insurance in Singapore, this is the Best Whole Life in the market right now, without a doubt.

Here is why we like China Taiping i-Secure
  • Choice of premium payment term option of 5/10/15/20/25 years
  • Multiplier Option till age 71 & 86 making it the highest in market with default extension to a LIFETIME (insurance charges calculated yearly based on the difference between the prevailing Basic GB and prevailing basic sum assured plus any accumulated reversionary bonus and non-guaranteed terminal bonus)
  • Early Care Rider allows a 100% lump sum claim of up to 350,000 (one of the highest in the market)
  • Most Comprehensive Critical Illness Coverage of 161 Condition (42 Early Stage, 40 intermediate, 55 Advance Stage, 12 Special & 12 Juvenile Conditions)
  • Multiplier benefit of 1/2/3/4x
  • Competitive Premium
What we don’t like
  • Relatively new Life insurance Brand in Singapore, reputation-wise may be a challenge to sell.
  • The only way to cash out is to take a policy loan or fully surrender the plan, no monthly income or partial surrender option at the later stage of the plan
  • Minimum sum assured is restricted to 50,000
  • To keep the multiplier benefit for a lifetime, there will be the cost of insurance incurred on the difference between the death benefit with bonuses and the multiplied death benefit before age 71 or 86

Once again, we have done the homework to filter out the best whole life insurance plans in the market you can look into if you’re ever considering taking up a whole life insurance plan for yourself,

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All comparisons done are solely based on your individual needs.

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